Error in Method of Accounting For Certain Customer Credits (Notes)

9 Months Ended

Jun. 30, 2013

Accounting Changes and Error Corrections [Text Block]

Error in Accounting For Certain Customer Credits

During the three months ended March 31, 2013, the Partnership identified an error in accounting for certain customer credits. The Partnership determined that the recording of propane revenues did not appropriately consider the effects of certain customer credits which were recorded when issued in a subsequent period. As a result, beginning January 1, 2013, the Partnership changed its accounting for customer credits to record an estimate of such credits at the time propane revenues are recorded. Such estimate considers the Partnership’s history of providing credits, propane revenue activity and other factors. The Company has evaluated the impact of the error on prior periods and has determined that the effect is not material to any prior period financial statements. The Company has also evaluated and concluded that the impact of recording the cumulative effect of the correction of the error as of January 1, 2013, is not material to the financial statements for the three and six months ended March 31, 2013, nor is it expected to be material to the financial statements for Fiscal 2013. The correction of the error in accounting for customer credits had the effect of increasing revenues and accounts receivable by $3.6, and increasing net income attributable to UGI Corporation by $0.6, for the three months ended June 30, 2013, and decreasing revenues and accounts receivable by $5.1, and decreasing net income attributable to UGI Corporation by $0.9, for the nine months ended June 30, 2013. If the Company had corrected the error in its method of accounting and recorded the estimate of credits as of September 30, 2012, the cumulative effect of the change as of that date would have decreased net income attributable to UGI Corporation by approximately $0.7.